Assume that Lakamuun joint is a monopolist that produces plates of TZ at Konongo
has the following average cost functions
If the demand function is given by:
i. Set up the profit maximizing problem of the firm
ii. Compute the output-price combination that maximizes the profit of the firm
iii. What is the maximum profit
iv. Explain extensively if the firm should or should not continue product in the short run.